The purchase, sale, exploitation, administration and management of movable and immovable property participations, directly or through any companies or enterprises, excluding all real estate transactions in Switzerland that do not have an exclusively commercial purpose. In general, the company may carry out, either on its own account or on behalf of third parties, all operations and provide all services and advice directly or indirectly related to its main purpose or likely to promote it and take an interest, in any form, in all enterprises, excluding all operations prohibited by the Federal Act on the Acquisition of Real Estate by Foreigners (LFAIE), or excluding all real estate transactions in Switzerland that do not have an exclusively commercial purpose. The company may establish branches and subsidiaries in Switzerland and abroad.