Car #5 from Enigma Variations (Prewar cyclecar edition) - Is it a Luwo?

[Wendax]

This unidentified cyclecar is now a puzzle of its own.

The car has been photographed in front of the Hamburg University's main building.

[Wendax]

Some guesses have been posted so far:

Many thanks for the points.

#5: very similar to Koco 5/25ps.

Similar, but not the same I think.

#5: Luwo 1923

I know that on a well known site this picture was featured a few days ago and identified as a Luwo. I asked the blogger if he has proof, but he had to deny and said it was just an educated guess by another photo collector. I still have my doubts as the picture was taken in Hamburg in front of the university building and the photo looks professionally made. I think it was made for the builder or  the coachbuilder of the car. Have a look at the rear license plate: it looks to be fixed provisionally. But why should a hardly known manufacturer from Munich let take pictures in Hamburg?

Do you have any Luwo pictures for comparison? I know none.