25 September 2025 · Corporate Update

Lisbon portfolio renewal — new licensing approvals and property maintenance programme

Kashmir Limited’s Board of Directors has reviewed the status of the group’s Lisbon hospitality portfolio at its quarterly meeting in Larnaca, noting the successful completion of licensing renewals and the approval of a comprehensive property maintenance and improvement programme. The review confirms the continued strong operational and regulatory standing of Na Luz de Portugal’s Alojamento Local properties in Lisbon’s historic centre.

All Alojamento Local licences for the portfolio properties have been successfully renewed following regulatory review by the relevant Portuguese authorities. The licensing renewals confirm that all properties continue to meet Portuguese tourism accommodation standards, including fire safety, accessibility, and guest amenity requirements. The Board noted that maintaining full licensing compliance is fundamental to the portfolio’s long-term value and operational continuity.

The Board approved a property maintenance and improvement programme that includes scheduled renovation works, equipment upgrades, and enhanced furnishing to maintain the premium guest experience that has driven consistently high occupancy rates and positive guest reviews. The programme is designed to preserve and enhance the properties’ market positioning in Lisbon’s increasingly competitive short-term accommodation sector.

“Regulatory compliance and property quality are non-negotiable elements of our hospitality investment approach,” the Board stated. “The successful licence renewals and the approved maintenance programme demonstrate our commitment to professional, compliant operations and to maintaining the standards that our guests expect. We continue to view the Lisbon portfolio as a valuable component of Kashmir’s diversified European investment portfolio.”