The U.S.' New Green Deal, or the 'Europe Green Deal', potentially has a significant impact on large property owners such as industrial, retail, residential, or office REITs, in both the U.S. and Europe. These Green Deals demand property developers and owners to adhere to stringent material and energy-efficiency requirements, making it more cumbersome and expensive to build, maintain or renovate existing buildings. The impact might be substantial. It is estimated that if a property owner owns three multi-family houses, he might have to sell one in order to have enough money to renovate the other two. And this will in particular have a big impact on those REITs that own thousands, in Vonovia's case, hundreds of thousands of apartments all over Europe.