all real estate activities, in particular brokerage, property management and administration of buildings as well as the study, realization and promotion of all real estate projects. The company may establish branches and subsidiaries in Switzerland and abroad and participate in other companies in Switzerland and abroad. It may acquire, hold and dispose of real estate. It may carry out all commercial, financial and other activities related to its purpose. It may grant loans or guarantees to shareholders or third parties in the interest of the company.