The purchase, sale, construction, operation, rental, management of real estate, brokerage, real estate consulting as well as all activities related to real estate abroad and in Switzerland, the latter to the extent that they are not subject to the Federal Act on the Acquisition of Real Estate by Foreigners of December 16, 1983 (LFAIE). The company may also carry out all commercial, financial or securities transactions, take participations in other companies and, in general, carry out all operations having a direct or indirect connection with the company's purpose in Switzerland and abroad. The company may have subsidiaries or establish branches in Switzerland and abroad.