Management, administration, acquisition, exchange, construction, renovation and sale of properties in Switzerland (however limited to real estate listed in Art. 2 para. 2 lit. a of the Federal Act on Acquisition of Real Estate by Persons Abroad and thus exempt from the permit requirement) and abroad, realization, acquisition, sale and management - directly or indirectly and also through rental of companies or business branches - of commercial activities in the food and non-food sectors of all product categories in the form of small, medium and large retail businesses, including shopping centers, as well as activities in the fields of services, hospitality and hotel industry and tourism and similar; full purpose description according to the articles of association