Holding, acquiring, managing and developing real estate. Creating real estate on its own account or on behalf of third parties, operating these and other real estate economically itself and commissioning third-party management, establishing branches and subsidiaries in Switzerland and abroad, participating in other companies in Switzerland and abroad, and conducting all business directly or indirectly related to its purpose, acquiring, encumbering, selling and managing real estate in Switzerland and abroad, arranging financing for its own account or for third-party account, and providing security for liabilities of affiliated companies.