The purchase, sale and development of real estate projects, as well as all activities related to its purpose. The company may also: a) carry out all commercial, financial, movable or real estate transactions, 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); b) take participations in other companies; c) 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.