Location: Historic center of Lisbon (Baixa/Sé), approx. 300m from Praça do Comércio, 100m from Lisbon Cathedral (Sé), 100m from the river Tagus, 400m from the cruise terminal, and 200m from Terreiro do Paço metro station. Strategy: Value-add repositioning from office to licensed tourist-apartment use. Both uses fall within the same "services" zoning category, so the change of use should be relatively straightforward at the urban-planning/licensing level, reducing execution risk versus a typical office conversion. In-place income: currently two active tenants and building is in very good physical condition. Tenants provide carry during the repositioning process. •⁠ ⁠Floor 1 (office): institutional tenant, €3,000/month, lease through April/May 2027, tenant has expressed interest in renewing. •⁠ ⁠Ground floor + mezzanine ("sobreloja"): restaurant, €4,000/month, lease through 2029. Combined in-place rent: approximately €84,000/year, providing carry during the repositioning process. Upside: A preliminary study indicates capacity for approximately 15 tourist apartments. An operator with a track record has expressed interest in leasing each unit at approximately €1,900/month (approximately €342,000/year gross potential once converted and licensed). The restaurant lease is also expected to reset toward market levels (approximately €6,500-7,000/month) upon renewal, further increasing stabilized income. Exclusive off-market mandate. Note: All figures above are indicative/preliminary and subject to further diligence and licensing confirmation.