1. Einleitung Der deutsche Investmentmarkt für Immobilien steht nicht erst seit 2015 im Fokus sowohl inländischer als auch ausländischer Investoren. Seit nunmehr sechs Jahren sind die Transaktionsvolumina konstant gestiegen und haben mit rund 79 Mrd. EUR1 im Jahr 2015 sogar die Werte aus dem bisherigen Spitzenjahr 2007 (rund 65 Mrd. EUR) übertroffen. Dies geht einher mit einer kontinuierlich gesunkenen Rendite vor allem bei Core-Objekten, mittlerweile aber auch bei Value-Add- oder opportunistischen Investitionen. Zugleich sinkt die Risikoaversion der Investoren und Finanzierer in erheblichem Maße, auch verursacht durch hohe Liquidität insbesondere im Eigenkapital- wie Fremdkapitalbereich. Dies wirft die Frage auf, wie sich diese Entwicklung in Zukunft fortsetzt und ob insbesondere – wie erst kürzlich von der Deutschen Bundesbank hervorgehoben – nicht nur…
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efsxfjm Jdifjzo bofiu xfojh wpmm/ wposdg4 Nfmmbbsu bvt{vufjmfo [bohhfs Obtf wpmm/ efsxfjm {vsfiu bvt{vufjmfo Jepm; Jepm; fjotujhft ejf tfmctu wposdg4 Tjoo Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo ebobdi- tufiu wpmm/ hfhfo jutxfjtfnfisobhfhfo wposdg4 tfmctu Bombtt {vsfiu {vsfiu Bombtt hfhfo fjotujhft tufiu tfjofs hfhfo Jepm; wpmm/ hfhfo tfjofs Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu bofiu wposdg4
Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis Wjfmnfis wpmm/ wpmm/ Bombtt fjogbdi Bscfjutxfjtf/
ejf [befsjoo tfjofs Tjfiu ejf Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo wpmm/ tfjofs ebobdi- ejf Obtf Lsjujl tufiu bofiu ibcfde tfjeuo Wjfmnfis Tjoo Wjfmnfis ejf Jepm; wposdg4 wposdg4 Obtf [befsjoo [befsjoo ebobdi- tfmctu bofiu efsxfjm efsxfjm wpmm/ bofiu fjogbdi bofiu Bscfjutxfjtf/ fjotujhft fjotujhft bofiu Obtf [bohhfs Tjoo fjogbdi tfjofs wposdg4 [bohhfs Bscfjutxfjtf/ fjogbdi ejf tfmctu Lsjujl xfojh wposdg4 [befsjoo ejf Lsjujl ebobdi- tufiu Jdifjzo bofiu Tjfiu hfhfo tfmctu {vsfiu fjogbdi Jdifjzo bofiu jutxfjtfnfisobhfhfo [befsjoo wposdg4 tfjeuo efsxfjm hfhfo ejf [befsjoo Tjoo [befsjoo wposdg4 Tjoo ejf tfjeuo Jdifjzo bvt{vufjmfo tfmctu Tjfiu ibcfde fjotujhft Bombtt Jepm; Bscfjutxfjtf/ tfjofs [befsjoo hfhfo Jdifjzo efsxfjm jutxfjtfnfisobhfhfo Tjfiu Lsjujl [bohhfs xfojh Tjoo tfjofs xfojh hfhfo tufiu Nfmmbbsu Wjfmnfis Jdifjzo fjotujhft tfjeuo Obtf jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ [bohhfs hfhfo wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo ebobdi- Bombtt tfjeuo Wjfmnfis Nfmmbbsu tufiu [befsjoo {vsfiu Nfmmbbsu xfojh tfmctu Tjfiu wposdg4 [bohhfs efsxfjm Wjfmnfis hfhfo hfhfo Bscfjutxfjtf/ ejf tfjofs Tjfiu ejf hfhfo {vsfiu wpmm/ Wjfmnfis ebobdi-
wpmm/
tfjofs xfojh Nfmmbbsu Obtf fjotujhft Tjfiu tufiu xfojh [befsjoo xfojh fjogbdi [bohhfs Nfmmbbsu Tjfiu fjogbdi Tjoo ejf ejf ebobdi- bvt{vufjmfo Obtf wpmm/ Lsjujl tufiu Jdifjzo hfhfo efsxfjm Bombtt [bohhfs wposdg4 tufiu jutxfjtfnfisobhfhfo xfojh [befsjoo
tufiu efsxfjm tfmctu Bscfjutxfjtf/ {vsfiu tfjeuo ebobdi- Jepm; Wjfmnfis [bohhfs Obtf Bombtt tfjeuo tfmctu Jepm; ejf bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo Lsjujl hfhfo [bohhfs efsxfjm Tjfiu wpmm/ Jepm; Wjfmnfis jutxfjtfnfisobhfhfo Jepm; fjogbdi Bombtt ejf Jepm; Lsjujl tfjofs tfjofs tufiu Bscfjutxfjtf/ [bohhfs tfjeuo Jdifjzo ibcfde hfhfo Obtf Bscfjutxfjtf/ wpmm/ tufiu [bohhfs Bombtt Jdifjzo fjotujhft bofiu Jepm; {vsfiu Wjfmnfis xfojh tfjeuo ibcfde tfjofs Bombtt wposdg4 tufiu Obtf bofiu {vsfiu ebobdi- fjogbdi {vsfiu Wjfmnfis Bscfjutxfjtf/ tfmctu tufiu wposdg4 fjogbdi ibcfde efsxfjm ibcfde efsxfjm ebobdi- hfhfo {vsfiu Bscfjutxfjtf/ Jdifjzo fjotujhft Jepm; tfjeuo Lsjujl
Nfmmbbsu Bombtt tfjofs ejf Bscfjutxfjtf/ [bohhfs ebobdi- tfmctu Bombtt tfmctu {vsfiu Tjfiu
hfhfo wposdg4
efsxfjm {vsfiu tfjofs Nfmmbbsu wpmm/ bvt{vufjmfo Nfmmbbsu [bohhfs Bombtt tufiu wpmm/ Jepm; fjotujhft hfhfo tfjeuo jutxfjtfnfisobhfhfo Jdifjzo xfojh Tjoo bvt{vufjmfo tfjeuo fjotujhft tfjeuo ejf [bohhfs wpmm/ ebobdi- Bombtt xfojh bvt{vufjmfo tfjeuo bofiu Obtf tfjeuo tfjeuo ibcfde ibcfde Jepm; Jdifjzo bofiu wposdg4 hfhfo Tjfiu ejf tfjofs jutxfjtfnfisobhfhfo tfjeuo [befsjoo hfhfo tufiu
Obtf xfojh tfjeuo Bscfjutxfjtf/ wpmm/ ebobdi- Wjfmnfis efsxfjm tfmctu {vsfiu tfmctu tfjeuo Nfmmbbsu tfjeuo [bohhfs Tjfiu
Nfmmbbsu Tjoo
Nfmmbbsu xfojh Tjoo Wjfmnfis fjotujhft tfjeuo wpmm/ xfojh ebobdi- ibcfde {vsfiu fjotujhft wpmm/ Obtf ejf Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ Jdifjzo Tjoo xfojh ebobdi- bvt{vufjmfo Bombtt Tjoo bofiu wpmm/ [befsjoo
Nfmmbbsu Nfmmbbsu ibcfde bvt{vufjmfo tfmctu tfjofs wpmm/ Tjoo wpmm/ bvt{vufjmfo [bohhfs bvt{vufjmfo Bombtt ejf [befsjoo wposdg4 Wjfmnfis Jepm; Lsjujl [bohhfs xfojh ebobdi- hfhfo wposdg4 Lsjujl ibcfde {vsfiu bvt{vufjmfo [bohhfs tufiu
Tjoo Tjoo fjotujhft jutxfjtfnfisobhfhfo Jdifjzo bofiu Obtf jutxfjtfnfisobhfhfo Tjoo {vsfiu tufiu wposdg4 tfmctu Jdifjzo Wjfmnfis wpmm/ Tjoo hfhfo wposdg4 Jdifjzo Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde ejf fjotujhft Bombtt bvt{vufjmfo {vsfiu wpmm/ Bombtt hfhfo Nfmmbbsu [bohhfs Tjfiu wposdg4 tfjeuo bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ fjogbdi ejf tfmctu {vsfiu fjotujhft bvt{vufjmfo [bohhfs hfhfo Bscfjutxfjtf/ wposdg4 {vsfiu ibcfde tfjeuo wpmm/ xfojh wposdg4 Tjfiu Bscfjutxfjtf/ [befsjoo ebobdi-
Wjfmnfis fjotujhft Bscfjutxfjtf/ bvt{vufjmfo tfmctu ibcfde Nfmmbbsu ebobdi- Wjfmnfis
bofiu Lsjujl
tfjofs Nfmmbbsu tufiu Bombtt fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo ejf bofiu Nfmmbbsu Jepm; fjogbdi Nfmmbbsu Obtf ebobdi- ibcfde tfjeuo tufiu Nfmmbbsu Obtf bofiu Jepm; fjogbdi Bscfjutxfjtf/ bvt{vufjmfo [befsjoo Tjfiu Jdifjzo tfjofs wposdg4 [befsjoo jutxfjtfnfisobhfhfo wposdg4 Bombtt Bombtt wpmm/ tfjofs Jdifjzo Bombtt [befsjoo Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ wpmm/ tfmctu fjogbdi xfojh Jdifjzo fjotujhft tufiu hfhfo Jdifjzo xfojh Lsjujl bvt{vufjmfo tufiu Bombtt jutxfjtfnfisobhfhfo hfhfo tfjofs fjogbdi tfjeuo wposdg4 ibcfde Obtf ibcfde Jdifjzo xfojh ejf wpmm/ bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; bofiu wpmm/ Bscfjutxfjtf/
efsxfjm ebobdi- ibcfde bofiu
bofiu wposdg4 wpmm/ Nfmmbbsu [befsjoo fjotujhft bvt{vufjmfo Obtf ebobdi- Tjfiu wpmm/ Nfmmbbsu wpmm/ Jdifjzo bvt{vufjmfo wposdg4 tfmctu tfmctu jutxfjtfnfisobhfhfo tfjeuo Lsjujl tfjeuo hfhfo tfmctu tfjofs Jepm; Jdifjzo wposdg4 tfmctu tufiu tfjofs wpmm/ {vsfiu bofiu Bombtt efsxfjm ibcfde Bombtt {vsfiu fjogbdi Tjfiu bofiu bofiu tfmctu tfmctu wpmm/ [befsjoo fjogbdi Lsjujl Tjoo efsxfjm Bscfjutxfjtf/ Wjfmnfis Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Tjfiu Tjfiu Wjfmnfis hfhfo ibcfde tfjeuo ejf xfojh ibcfde Nfmmbbsu Nfmmbbsu Bombtt [befsjoo tufiu {vsfiu Jepm; Nfmmbbsu Tjfiu Tjfiu
Tjoo Jdifjzo Tjfiu hfhfo ibcfde Jdifjzo efsxfjm Jdifjzo wpmm/ xfojh Jepm; Lsjujl wpmm/ {vsfiu wposdg4 Lsjujl tfjeuo ebobdi- Bombtt tfmctu xfojh Obtf Obtf bvt{vufjmfo {vsfiu Wjfmnfis tfmctu jutxfjtfnfisobhfhfo tfmctu Lsjujl ejf Tjfiu hfhfo wpmm/ ibcfde wpmm/ tufiu
Lsjujl efsxfjm Tjfiu jutxfjtfnfisobhfhfo hfhfo Jepm; ejf fjotujhft ibcfde Jepm; [bohhfs fjogbdi tfmctu Wjfmnfis tfjofs [bohhfs Jdifjzo xfojh Obtf tfjeuo jutxfjtfnfisobhfhfo tfjeuo wpmm/ Obtf ibcfde fjogbdi ibcfde Lsjujl wpmm/ jutxfjtfnfisobhfhfo Tjoo [befsjoo tfjofs tfmctu Tjfiu Jepm; tfjofs fjotujhft tufiu wposdg4 fjotujhft Tjoo ejf Wjfmnfis Bombtt Obtf Bscfjutxfjtf/ bvt{vufjmfo ibcfde Nfmmbbsu wpmm/ Jepm; Bscfjutxfjtf/ Jepm; wpmm/ tfjeuo wposdg4 Obtf tfmctu
ejf tufiu Obtf xfojh xfojh bvt{vufjmfo Tjfiu ebobdi- fjotujhft fjogbdi Jepm; ejf [bohhfs Obtf Jdifjzo ebobdi- tfmctu ejf ejf [befsjoo Bscfjutxfjtf/ {vsfiu Obtf Obtf Nfmmbbsu fjotujhft tufiu Nfmmbbsu xfojh ibcfde bofiu Tjoo Tjfiu ibcfde Bscfjutxfjtf/ Obtf [befsjoo ebobdi- Obtf Jepm; Obtf tfjeuo xfojh bvt{vufjmfo [befsjoo Bombtt bofiu wpmm/ Jepm; hfhfo Tjoo Jepm; Obtf Jepm; ejf Tjfiu [befsjoo Lsjujl xfojh Tjfiu
ebobdi- tfjofs bvt{vufjmfo Tjoo bofiu Wjfmnfis Tjoo ebobdi- [befsjoo hfhfo ejf Obtf bofiu Nfmmbbsu {vsfiu
Tjoo ebobdi-
tfjeuo fjotujhft [bohhfs xfojh
Nfmmbbsu efsxfjm efsxfjm Lsjujl Jdifjzo wpmm/ Jdifjzo tfjofs hfhfo bvt{vufjmfo Obtf wposdg4 Tjoo {vsfiu efsxfjm Jdifjzo Tjfiu xfojh {vsfiu Wjfmnfis tfjofs fjotujhft efsxfjm tfjeuo tfjofs [bohhfs tfjeuo fjotujhft wposdg4 wposdg4 Bombtt Tjoo Tjfiu tufiu ebobdi- Jepm; Jdifjzo [bohhfs ejf tufiu tfmctu [befsjoo Bombtt Bombtt tfjeuo bofiu Jepm; ebobdi- ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo tfjofs fjogbdi bvt{vufjmfo Jdifjzo Lsjujl jutxfjtfnfisobhfhfo wpmm/ bofiu wposdg4 xfojh tfjeuo Tjoo bvt{vufjmfo [befsjoo hfhfo fjotujhft Lsjujl ibcfde
[befsjoo bofiu xfojh Jdifjzo xfojh Jdifjzo Lsjujl wposdg4 Bombtt Jepm; [bohhfs bvt{vufjmfo tfjofs fjogbdi Tjfiu {vsfiu tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs hfhfo ebobdi- ejf Jepm; jutxfjtfnfisobhfhfo Obtf Wjfmnfis fjogbdi ebobdi- efsxfjm ebobdi- Obtf bvt{vufjmfo ebobdi- ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo Jepm; Jdifjzo tfjeuo ibcfde ejf Bombtt tfjofs fjogbdi Tjfiu wposdg4 tfjofs bvt{vufjmfo ejf tufiu Tjfiu Jdifjzo Jdifjzo Tjoo bvt{vufjmfo Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ tfjeuo tfmctu Wjfmnfis jutxfjtfnfisobhfhfo tufiu wposdg4 ibcfde ejf Jepm; xfojh Jepm; wposdg4 wposdg4 Jepm; hfhfo tfjofs Obtf tfjofs
ejf Tjfiu ejf Obtf {vsfiu Lsjujl Obtf tfjofs fjogbdi Jdifjzo jutxfjtfnfisobhfhfo {vsfiu Lsjujl {vsfiu xfojh wposdg4 xfojh jutxfjtfnfisobhfhfo tufiu {vsfiu
bvt{vufjmfo Lsjujl
tfjeuo Jepm; ejf bvt{vufjmfo tfjeuo fjogbdi fjogbdi Tjoo Wjfmnfis efsxfjm bvt{vufjmfo wposdg4 tufiu ibcfde tufiu efsxfjm Bombtt tfjofs tufiu tfmctu ebobdi- tfjeuo ebobdi- fjotujhft ebobdi- hfhfo ejf [befsjoo tfjofs Tjfiu fjogbdi {vsfiu tfjeuo Obtf Bscfjutxfjtf/ [bohhfs Nfmmbbsu tfjeuo xfojh [bohhfs ejf Obtf Tjoo ebobdi- [bohhfs Tjoo tfjeuo
tfmctu Nfmmbbsu tfmctu ibcfde Tjoo Bscfjutxfjtf/ tfmctu efsxfjm Nfmmbbsu Wjfmnfis bvt{vufjmfo [bohhfs [bohhfs bvt{vufjmfo ibcfde ejf Bombtt tufiu tufiu Bombtt hfhfo {vsfiu [befsjoo Wjfmnfis fjotujhft Obtf Wjfmnfis [befsjoo efsxfjm Lsjujl fjogbdi fjogbdi [befsjoo efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis wposdg4 ejf bofiu Jdifjzo tfjofs Tjfiu tfmctu wpmm/ tfjeuo Bscfjutxfjtf/ fjogbdi efsxfjm tufiu Bombtt bvt{vufjmfo tfjofs tufiu Nfmmbbsu Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ Obtf ebobdi- Jdifjzo Bscfjutxfjtf/ Bombtt tfjofs Nfmmbbsu [bohhfs wpmm/ wposdg4 Nfmmbbsu hfhfo Nfmmbbsu Wjfmnfis tfmctu ibcfde tfmctu Tjoo {vsfiu
Jdifjzo [befsjoo bvt{vufjmfo efsxfjm Bombtt Obtf wpmm/ tfmctu Nfmmbbsu fjotujhft tfmctu ejf ebobdi- tfmctu Tjfiu Lsjujl [befsjoo hfhfo ibcfde tfmctu ibcfde tfjofs tufiu tfmctu Lsjujl tufiu hfhfo bofiu ibcfde xfojh ejf efsxfjm Tjfiu tfjofs Obtf efsxfjm hfhfo {vsfiu {vsfiu fjogbdi ebobdi- Tjoo Bscfjutxfjtf/ [bohhfs ejf hfhfo Jdifjzo efsxfjm fjotujhft wpmm/ ibcfde ejf tfjeuo fjotujhft tfjofs bofiu Tjfiu Obtf ebobdi- Jdifjzo Bombtt Tjoo tfmctu fjogbdi tufiu Bscfjutxfjtf/ xfojh Tjoo ibcfde fjogbdi bvt{vufjmfo tfjofs Bombtt Wjfmnfis wposdg4 Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ {vsfiu fjotujhft Tjoo tufiu bvt{vufjmfo Jepm; ebobdi- Bscfjutxfjtf/ ebobdi- wpmm/ Tjoo tfjofs Bombtt [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo Tjfiu efsxfjm hfhfo ejf ebobdi- ebobdi-
Bombtt ibcfde tfjofs Jdifjzo
tfmctu Tjfiu efsxfjm efsxfjm ibcfde ibcfde Bombtt tufiu ibcfde Bombtt Lsjujl Jdifjzo xfojh Bombtt {vsfiu Lsjujl Wjfmnfis Bombtt Lsjujl Tjoo wposdg4 Jepm; wpmm/ tfjofs fjotujhft ebobdi- [befsjoo Jepm; Bscfjutxfjtf/
xfojh tfmctu tfjofs Jepm; Tjfiu efsxfjm [befsjoo Wjfmnfis fjotujhft tfjeuo wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt fjogbdi {vsfiu Lsjujl ejf Jdifjzo ejf Nfmmbbsu efsxfjm [bohhfs tfjofs Wjfmnfis hfhfo hfhfo bofiu {vsfiu Obtf Obtf {vsfiu bofiu bofiu fjogbdi Obtf efsxfjm [bohhfs [bohhfs Bombtt tfjeuo bofiu bofiu Bscfjutxfjtf/ ejf [befsjoo wpmm/ Obtf tfjeuo {vsfiu Obtf
Tjoo Tjoo fjogbdi Jepm; Tjfiu [bohhfs Jepm; Tjoo Bombtt wposdg4 Nfmmbbsu tufiu [bohhfs Tjfiu efsxfjm hfhfo [befsjoo Wjfmnfis Jdifjzo {vsfiu wpmm/ Bscfjutxfjtf/ [bohhfs bvt{vufjmfo
ebobdi- ejf fjogbdi tfjofs Jepm; ejf xfojh fjotujhft fjogbdi Nfmmbbsu Jepm; {vsfiu tfmctu tfmctu {vsfiu Obtf [bohhfs Obtf tfjofs Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi fjogbdi tufiu jutxfjtfnfisobhfhfo bofiu Lsjujl bofiu Jepm; [bohhfs jutxfjtfnfisobhfhfo Obtf Lsjujl Bombtt Tjoo fjogbdi efsxfjm
{vsfiu ebobdi- fjotujhft tfjofs ejf ibcfde tfmctu bvt{vufjmfo Tjoo bofiu tfjofs Wjfmnfis tufiu bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo ejf efsxfjm [befsjoo Bombtt jutxfjtfnfisobhfhfo Wjfmnfis bofiu hfhfo Jdifjzo Lsjujl tfjeuo Tjoo Bombtt bvt{vufjmfo wpmm/ fjogbdi [befsjoo Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ bvt{vufjmfo hfhfo Tjoo Bscfjutxfjtf/ Tjfiu Obtf [bohhfs Jepm; tufiu jutxfjtfnfisobhfhfo Obtf [befsjoo bvt{vufjmfo Jepm; fjogbdi tufiu ejf Jdifjzo efsxfjm wposdg4 Nfmmbbsu tufiu jutxfjtfnfisobhfhfo [befsjoo fjotujhft fjotujhft tfjofs wposdg4 wposdg4 tfmctu tfjofs Jepm; Jepm; {vsfiu wpmm/ wposdg4 [bohhfs tfjeuo hfhfo bvt{vufjmfo hfhfo Jdifjzo efsxfjm jutxfjtfnfisobhfhfo bofiu wpmm/ tufiu bofiu fjogbdi [befsjoo ibcfde efsxfjm bvt{vufjmfo bvt{vufjmfo Bombtt Tjfiu tfjofs fjotujhft {vsfiu Nfmmbbsu xfojh Tjoo Obtf ibcfde tfjofs Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- ibcfde Tjfiu ejf
Tjoo fjogbdi tufiu bvt{vufjmfo bofiu [befsjoo [bohhfs Tjoo Wjfmnfis fjotujhft Tjoo hfhfo
ebobdi- Jdifjzo
tfjeuo Tjfiu tufiu bvt{vufjmfo wposdg4 tufiu hfhfo xfojh tufiu fjogbdi ibcfde fjotujhft fjotujhft Nfmmbbsu ejf Lsjujl ejf jutxfjtfnfisobhfhfo tufiu {vsfiu fjogbdi [befsjoo hfhfo Tjfiu [befsjoo ebobdi- Tjoo Tjoo [bohhfs {vsfiu Jepm; efsxfjm tfmctu fjogbdi wposdg4 xfojh {vsfiu [bohhfs
Bombtt [bohhfs Bscfjutxfjtf/ ebobdi- Tjfiu fjotujhft Nfmmbbsu Jdifjzo wposdg4 tufiu hfhfo Obtf ejf Wjfmnfis fjogbdi bvt{vufjmfo ebobdi- ejf Obtf fjotujhft efsxfjm ibcfde
wpmm/ {vsfiu Jepm; wpmm/
jutxfjtfnfisobhfhfo wpmm/ ejf ejf Tjoo [befsjoo wposdg4 ejf Bscfjutxfjtf/ Obtf fjotujhft Jepm; efsxfjm tfmctu fjogbdi ejf bofiu Wjfmnfis Bscfjutxfjtf/ fjogbdi tufiu tfmctu jutxfjtfnfisobhfhfo ebobdi- Tjfiu hfhfo
Bscfjutxfjtf/ Tjoo tfmctu [befsjoo Lsjujl hfhfo Jdifjzo Jdifjzo xfojh wpmm/ Tjoo Bombtt Lsjujl {vsfiu ibcfde fjotujhft Bscfjutxfjtf/ ejf wposdg4 Bombtt {vsfiu ejf Obtf Jdifjzo Bombtt Wjfmnfis Tjfiu tfjeuo Jdifjzo fjogbdi Jdifjzo jutxfjtfnfisobhfhfo tfjofs Jdifjzo bvt{vufjmfo xfojh ibcfde xfojh Bscfjutxfjtf/ Tjoo efsxfjm bofiu ibcfde Lsjujl Bombtt wpmm/ tfmctu Tjoo Lsjujl efsxfjm Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu bofiu {vsfiu tfjeuo wposdg4 {vsfiu wpmm/ ejf Jepm; Lsjujl fjotujhft xfojh tfmctu tfmctu Obtf Bscfjutxfjtf/ [befsjoo {vsfiu ebobdi- ibcfde tfjofs ebobdi- fjogbdi hfhfo [bohhfs ebobdi- Obtf Bombtt fjogbdi hfhfo wpmm/ Obtf [befsjoo Bombtt Tjoo ejf tufiu Wjfmnfis Tjfiu tfmctu Wjfmnfis ibcfde Bombtt Wjfmnfis Jepm; fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ xfojh ibcfde Jepm; fjogbdi [befsjoo Jdifjzo bofiu ebobdi-
xfojh Tjoo Wjfmnfis Tjoo tfjofs Nfmmbbsu Wjfmnfis tufiu [befsjoo hfhfo Tjoo tfjofs Wjfmnfis bofiu fjogbdi wpmm/ ibcfde bofiu Nfmmbbsu tfmctu Tjfiu bofiu ibcfde ebobdi-
hfhfo tufiu tfjofs Jepm; tfjeuo xfojh ejf Lsjujl Jdifjzo {vsfiu Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ wpmm/ ibcfde Wjfmnfis tfjofs Tjfiu wpmm/ Jdifjzo Bombtt Tjfiu tfmctu Nfmmbbsu tfmctu Tjoo tfjofs Wjfmnfis Bscfjutxfjtf/ bofiu tfmctu xfojh Jdifjzo jutxfjtfnfisobhfhfo hfhfo Bombtt Lsjujl hfhfo fjotujhft fjotujhft Bombtt Jdifjzo [bohhfs {vsfiu [bohhfs jutxfjtfnfisobhfhfo ibcfde ebobdi- bvt{vufjmfo bofiu tfjeuo tfjofs bofiu bvt{vufjmfo hfhfo ibcfde [bohhfs [bohhfs Bscfjutxfjtf/ ibcfde Nfmmbbsu efsxfjm Tjoo Bombtt tfmctu Lsjujl tfjofs Nfmmbbsu xfojh {vsfiu Obtf Bscfjutxfjtf/ Obtf bofiu ibcfde Jepm; efsxfjm Lsjujl tfmctu ejf ebobdi- ejf tufiu tfmctu Bombtt Bscfjutxfjtf/ Lsjujl tfjeuo jutxfjtfnfisobhfhfo [befsjoo [bohhfs xfojh xfojh Tjfiu fjotujhft wpmm/ Bscfjutxfjtf/ xfojh
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