Multi Development, the European shopping centre specialist which was acquired by Blackstone last year, has appointed Paolo Bottelli as chairman of its Italian business.

Multi Development, the European shopping centre specialist which was acquired by Blackstone last year, has appointed Paolo Bottelli as chairman of its Italian business.

Paolo Bottelli, founder & CEO of Kryalos Asset Management, was previously Chief Executive Officer of Prelios, a real estate asset management and services firm active in Italy and Germany.

Jaap Blokhuis, incoming CEO of Multi Corporation, said: 'Paolo brings great experience in the Italian market to Multi. He is joining at a time when Multi has exciting growth prospects across Europe and within Italy in particular.'

Over the last 12 months, Blackstone’s real estate funds have acquired six retail assets in Italy valued over €400 mln, including Franciacorta Outlet Village in Brescia and Valecenter in Mestre near Venice.