Blackstone agreed to buy Gramercy Property Trust for $7.6bn in May. : Alistair Calvert, the CEO of Gramercy’s European arm, has led a management buyout of the business from new owner Blackstone and launched a €1bn fund. In May this year, Blackstone Real Estate Partners VIII agreed to buy Gramercy Property Trust for $7.6bn (€6.56bn). The management of Gramercy Europe said it has completed the acquisition of the business from Blackstone, following the latter’s acquisition of Gramercy’s US parent company.