The acquisition, encumbrance, management, administration and sale of real estate, as well as participation in companies and enterprises and the holding of corporate participations as a holding company. However, real estate in Switzerland or participations in real estate companies and enterprises with real estate in Switzerland may only be acquired (without undergoing the LAFE approval procedure) provided that the properties are intended for the operation of an economic activity in accordance with Art. 2 para. 2 lit. a) LAFE.