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Pivot is located by the bb, see the bolted on bit by the downtube. Sliding tube under the seat and a friction damper scissor mech attached (shiny bits rear and lower of seat) the vertical seat stays, pivot on the lower mounting bolts in the lower stays. Looks just about pre ww2'interesting' geometery, how is that back end supposed to work?.....seems most of its properly vintage though by the patina....
It has been retro fitted with front and rear suspension from a moped up front and a bolt on rear stay for the lower stays pivot is under the bb, from what I see. Someone was making their own bike from bits.