The shareholders of Deutsche Wohnen gave its stamp of approval to the share plan for the purchase of GSW Immobilien. In a meeting, 99.5% of the shareholders of Germany's third largest property firm allowed the creation of shares to be offered in exchange for the stock of GSW. The deal would be worth EUR 1.75 billion or USD 2.4 billion.

In a statement, Deutsche Wohnen Chief Executive Officer Michael Zahn said, "It is now the turn of GSW's shareholders." Last month, Deutsche Wohnen said it intended to purchase its rival property firm GSW in an all-share deal. The transaction would create the largest property firm in Germany in terms of market value.

Deutsche Wohnen Spokeswoman Manuela Damianakis said last week that the vote would allow Deutsche Wohnen to invite the stakeholders of its rival company to exchange their shares. Under the terms of the takeover, Deutsche Wohnen would be offering 51 new shares for every 20 shares of GSW. Damianakis said the takeover could only happen if 75% of GSW shareholders would exchange their shares.