A major Aevum Ltd (ASX: AVE) shareholder stressed on Wednesday that Stockland Corporation Ltd (ASX: SGP) could do much better than its rejected offer of $266 million in its bid to takeover the retirement village operator.

Fisher Funds Management Ltd director Frank Jasper told AAP that Aevum presently maintains the targeted properties in excellent conditions and only a proposal that carries a net tangible asset (NTA) backing of $2.07 per share or a true value of $367 million could elicit more interest from the rest of the shareholders.

Mr Jasper said that his group would definitely consider an offer that hovers around the estimate that they have provided as he noted that Fisher Funds has been a stock owner of the properties for four years and they currently maintain an interest of 7.7 on Aevum.

Aevum officially rejected Stockland's takeover offer of $1.50 per share on Tuesday, arguing that the proposal missed out on the actual strategic value of its businesses as the company cited that "it was one of the largest pure retirement living companies with a significant presence in NSW."

Mr Jasper added that the current line of Aevum's properties is being regarded as high-end properties in real estate circuits, specifically those located in Sydney, which now command prices that would encourage would-be investors.

He said that "those villages in Sydney are the jewels in the crown which you can't replicate," and that should translate to continues asset price growth and high occupancy levels, which is another plus for entities that eye the properties for possible acquisition.