Acquisition, sale and management of real estate that, at the time of acquisition, are not subject to the authorization requirement under Art. 2 para. 2, lit. a and Art. 2, para. 3 of the Federal Act on the Acquisition of Real Estate by Persons Abroad (BewG) with implementing ordinance, i.e. real estate that serves as a permanent place of business for commercial, manufacturing and liberal professions; may establish branches and subsidiaries, participate in other companies, arrange financing for its own account or for the account of third parties, and grant guarantees and sureties for subsidiaries and third parties.