GERMANY – More than three-quarters of GSW Immobilien's shareholders have approved the property firm's acquisition by Deutsche Wohnen, paving the way for the launch of one of Germany's largest property investors.

GSW shareholders were offered an exchange ratio of 51:20 for their shares.

Michael Zahn, chief executive at Deutsche Wohnen, said all parties were pleased with the "fantastic" result, announced after regulatory approval of the merger had been granted.

"Our complete attention and energy will now be focused on the coming together of both companies," he added.

Deutsche said in a statement that it would reveal the exact voter outcome on 4 November, and noted that GSW shareholders who initially rejected the proposal would still be granted the opportunity to exchange their shares by 18 November.

The firm's portfolio at the end of June covered 90,600 units, largely residential.

After the merger, the new entity will control a portfolio of more than 150,000 units worth €8.5bn as of June.

The merger was approved just over a month after the €1.75bn deal was announced.

GSW saw its chairmen resign after a vote of no confidence led by Dutch pension manager PGGM saw 70% of shareholders express concern over supervisory board chair Eckart John van Freyend's management.

The company shortly afterwards appointed its COO Jörg Schwangenscheidt and CFO Andreas Segal as joint chief executives.