to invest, acquire, hold, dispose of and manage, in any form whatsoever, on the one hand, shares in Swiss or foreign companies and, on the other hand, real estate in Switzerland or abroad, and, more generally, to carry out any activity in the field of real estate, including the study, planning, promotion and realization of any real estate project, in Switzerland or abroad, provided that the company may only acquire and hold real estate and shares in real estate companies based in Switzerland if these properties, or the properties held by these real estate companies, have an exclusively commercial use. The company may carry out all operations directly or indirectly related to this purpose and may be directly and indirectly interested therein. It may also, for its own account or for the account of third parties, carry out all financial, technical, commercial and real estate operations, directly or indirectly related to its purpose or likely to promote it. The company may furthermore provide services, grant loans or other financial services to its direct or indirect shareholders, to affiliated companies as well as to third parties and grant securities of any kind on its assets, including by way of pledges or transfers in trust or by way of guarantees of any kind, to guarantee the obligations of its direct or indirect shareholders, of affiliated companies or of third parties. The company may create subsidiaries and branches, in Switzerland and abroad.