To perform the following operations: the acquisition, management, holding, exploitation, and sale of real estate, as well as taking participations in all types of companies and enterprises; it being specified that: a) the acquisition of real estate in Switzerland mentioned above, is strictly limited to commercial properties (permanent establishments), excluding all residential properties; b) in compliance with the LFAIE, the company will not take participations in companies holding residential real estate in Switzerland. The company may establish branches and subsidiaries and may participate in other businesses, both in Switzerland and abroad and, in general, carry out any activity directly or indirectly related to its purpose.