The management team of a European property investor specialising in industrial deals plans to launch a new €1bn fund, having bought the business back after private equity giant Blackstone acquired its parent group.

Chief executive Alistair Calvert and colleagues at Gramercy Europe have completed their acquisition of the business from Blackstone, according to a statement on Monday. Blackstone agreed to buy US-based Gramercy Property Trust in May, in a deal worth $7.6bn.