How Otium manages a global property portfolio through ADGM

Otium is a European real estate investment manager raising capital from international investors. The firm uses an actively managed certificate (AMC) to give qualifying investors regulated access to its real estate strategy. By 2025 Otium needed a complete UAE structure to base the operation, the asset-level vehicles to hold the underlying deals, and the operational layer to run the whole group.

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Setting up the UAE operation

Cosmos took the full structuring mandate. We incorporated the ADGM holding company and the Dubai operating company as a coordinated pair, set up the corporate governance for both and registered each for the relevant tax and reporting obligations. Substance was built in from the start: documented board meetings, records and decisions, all running on the Cosmos platform.

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Asset-level SPVs in Guernsey and Luxembourg

Each underlying real estate deal sits in its own SPV. Cosmos established Guernsey and Luxembourg vehicles to hold the assets, with the right substance, tax position and accounting treatment for each. The AMC invests into these SPVs; the SPVs hold the properties.

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Capital raising, investor onboarding and the cap table

Cosmos runs the AML and KYC programme for every investor subscribing into the AMC. We've onboarded investors across Europe, the GCC and beyond, with each KYC file completed and the cap table updated as the subscription clears. Shareholder onboarding is standardised through the Cosmos platform.

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Ongoing accounting, tax and transfer pricing

Cosmos handles the multi-entity accounting across every layer of the group. Tax filings sit on the same platform. Transfer pricing documentation is built and maintained for every intercompany position, ready for any regulator who asks.

Otium now raises capital, deploys it into European real estate and reports back to investors through a structure Cosmos built end to end. Each new deal goes from instruction to operational SPV in weeks; each new investor from interest to fully onboarded in days.