Acquisition and sale as well as rental and management of real estate, furthermore construction and renovation of real estate of all kinds. May establish branches and subsidiaries in Switzerland and abroad and participate in other companies in Switzerland and abroad, as well as conduct all business that is directly or indirectly related to its purpose, acquire, encumber, sell and manage real estate in Switzerland and abroad, arrange financing for its own account or for the account of third parties, and provide guarantees and sureties for subsidiaries and third parties.