The offer made by Deutsche Wohnen AG for the purchase of residential landlord GSW Immobilien AG is considered as the largest real estate acquisition in Germany in the past five years. The offer was accepted by 78.6% of the shareholders of GSW Immobilien AG.

Investors still have until November 18 to participate in the share swap, where GSW shares were valued at EUR1.7 billion or USD2.3 billion, according to a statement issued by Deutsche Wohnen today.

Last Thursday, Deutsche Wohnen said the number of GSW shareholders that participated in the swap had gone above the threshold 75% needed to complete the deal. The said transaction is valued in total at EUR3.5 billion including debt, making it the largest since 2008, according to data collated by Bloomberg.

Both of the companies are focused on Berlin, where the home prices and rental values have outpaced the levels set throughout Germany. The merger, upon its completion, it would have 150,000 apartments valued at EUR8.5 billion and would become the second biggest landlord in Germany after Deutsche Annington Immobilien SE.