US real estate fund manager establishes European investment management presence. : US real estate fund manager Clarion Partners is expanding into European real estate investment management through the acquisition of a majority stake in Gramercy Europe. Gramercy Europe will become an operating business of Clarion and be rebranded Clarion Gramercy, maintaining its offices in London, Berlin and Barcelona. Late last year Gramercy Europe CEO Alistair Calvert led the management buyout of the company from Blackstone, which had earlier acquired its US parent Gramercy Property Trust.