Alistair Calvert, CEO of Gramercy Property Trust's Gramercy Europe, led a management buyout of the latter from Blackstone Group LP following the approximately $7.6 billion acquisition of the U.S.-based parent by affiliates of the private equity giant's Blackstone Real Estate Partners VIII LP, CoStar U.K. reported.

The news outlet added that real estate investment fund manager Gramercy Europe plans to launch a fourth vehicle, aiming for a final close in the first quarter of 2019 with equity commitments of about €400 million. Gearing of as much as 60% could provide firepower of €1 billion.

The fund's strategy will be similar to that of the Gramercy Property Europe III Ltd. fund, which is expected to be more than 80% deployed with over €500 million invested by 2018-end. That fund closed in September 2017 with about €260 million of equity commitments.

Through the new vehicle, Gramercy Europe will target speculative and build-to-suit developments, completing sale-leaseback transactions and asset acquisitions in the logistics and light industrial property sector, according to the Oct. 15 report.