According to the Tankograd book on the M48 in German service, it was a hull used as transporter for the Leo 2 turret during assessment, before the new Leo 2 hull was ready. Germany had a ton of old M48A2s hanging around, so it made sense to use one as a dedicated transporter from factory to test facility, I guess. There is an adaptor ring under the turret to allow it to fit the opening in the hull, so I doubt it was fully functional as a gun tank, but it still looks cool!
Turret swaps are uncommon, but have been known to happen. Best example is the Marksman AA turret, which was designed as a "universal fit" for any modern MBT hull. It was tested on the British Chieftain, US M60, and Russian T55 hulls, to name a few - each needed a different adaptor ring, but the turret was otherwise self-contained. The Finns used it on T55 hulls, but are now mounting them on Leos.