The corporate purpose shall consist of performing the following activities:

The acquisition and development of urban properties for lease.

The holding of equity interests in listed companies investing in the property market (“REITs”) or in other non-resident entities in Spain with the same corporate purpose and that operate under a similar regime as that established for REITs with respect to the mandatory profit distribution policy enforced by law or by the bylaws.

The holding of equity interests in other resident or non-resident entities in Spain whose corporate purpose is to acquire urban real estate for subsequent leasing, and which operate under the same regime as that established for REITs with respect to the mandatory profit distribution policy enforced by law or by the bylaws, and which fulfil the investment requirements referred to in Article 3 of Law 11/2009, of 26 October, governing real estate investment trusts (the "REIT Law").

The holding of shares or equity interests in collective real estate investment undertakings regulated by Law 35/2003, of 4 November, on collective investment undertakings, or any law that may replace it in the future.

The conduct of other complementary activities in addition to those mentioned above; these being any that generate income representing less than 20%, taken as a whole, of the Company’s income in each tax period, or any that can be classified as complementary as per prevailing legislation.

The corporate purpose excludes all activities for which the law establishes requirements that cannot be met by the Company.

The activities included in the corporate purpose may be pursued, in whole or in part, indirectly through the ownership of shares in other companies with the same or similar purpose.