Acquisition, exploitation, promotion, alienation and rental of all commercial real estate in Switzerland and all real estate abroad, as well as all convergent activities; construction and renovation of real estate on a subcontracting basis; acquisition, administration, holding, alienation and management of direct or indirect participations, as well as investment in all types of companies, provided that their field of activity, if they have their registered office in Switzerland, does not extend to the real estate sector other than purely commercial (cf. articles of association for full purpose).