a) the promotion, development, acquisition, holding, sale and exploitation of commercial real estate; b) the acquisition, purchase, sale, administration and management of participations in any companies or enterprises, directly or indirectly, in Switzerland and abroad, excluding participations in any company whose purpose is the acquisition of real estate in Switzerland other than for commercial use, as well as the financing of affiliated companies; c) the creation of branches or subsidiaries in Switzerland or abroad. Furthermore, it may carry out all commercial, financial, movable or immovable transactions directly or indirectly related to its purpose.