The purchase, sale, rental of built or unbuilt properties, the construction, transformation or renovation of properties, and all operations related to these activities, all to the exclusion of any real estate transaction in Switzerland not exclusively used for commercial purposes. The company may, to the exclusion of any real estate activity in Switzerland not exclusively used for commercial purposes, acquire, hold, build, transform, rent, manage, dispose of properties and participate in all real estate transactions, process these transactions for itself or on behalf of a third party, as a representative, agent or broker, or have them executed on its behalf by third parties, create real estate mortgages for itself or for third parties, establish branches or subsidiaries in Switzerland and abroad, participate in other companies in Switzerland and abroad, acquire companies with an identical or similar purpose, or merge with such companies, acquire or sell properties, carry out all operations and conclude all contracts intended to develop and expand its purpose or related thereto directly or indirectly.