S&P Global Ratings expects Vonovia to continue generating solid like-for-like rental income growth of at least 2%-3% over the next one-to-two years, excluding rent benefits from new construction and neighborhood development. We believe rents and residential real estate prices will continue rising this year on the back of strong market fundamentals, such as high demand for residential flats and limited new construction, particularly in metropolitan areas. The completed acquisitions of Austrian BUWOG AG and Swedish Victoria Park will also contribute to the company's cash flow generation during the forecast period. Vonovia will slightly shift its investment focus from modernization toward new construction and neighborhood developments, which will bring the number of units completed in 2019 and 2020 to about 1,600
