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A German fund that bought a Chicago office building last summer is seeking to syndicate its equity interest to investors in its home country.
ProVictor Property Fund 7 bought the 936,000-square-foot building at 181 West Madison Street from investor Marvin Davis for $248 million.
ProVictor recently sent an offering memorandum to investors in an effort to raise $118 million of equity in chunks of $15,000 and higher. It is promising a 7% annual yield through 2007. That return, which is consistent with earlier ProVictor funds, would rise to 8% in 2008 and 10% in 2013. The fund anticipates...