UPDATE 1-Aveum expert sees Stockland bid as too low

* Independent expert values Aevum at A$1.91-A$2.22 a share

* Aevum: Stockland offer fails to reflect strong FY10 result (Adds details)

MELBOURNE, Sept 6 (Reuters) - Retirement village operator Aevum AVE.AX urged shareholders to reject Stockland Group's (SGP.AX) $244 million takeover offer, as its independent expert estimated the group was worth 38 percent more.

Independent expert Lonergan Edwards & Associates said the offer "is neither fair nor reasonable", and valued Aevum's shares around A$2.07 a share compared with Stockland's offer of A$1.50.

Stockland, Australia's second-largest property trust, would be able to generate large savings with Aevum and was not offering Aevum's investors a big enough share of those savings, it said.

It also said Stockland's offer did not reflect Aevum's results for the year to June 2010 or its forecast for a 25 percent increase in operating cash flows in the current year.

"We continue to believe it is in the best interests of Aevum shareholders to reject Stockland's offer and therefore encourage shareholders to take no action," Aevum Chairman graham Lenzner said in a statement.

Aevum shares last traded at A$1.705, 14 percent above Stockland's offer, with investors holding out for a better offer from Stockland, closer to Aevum's net tangible asset value of A$2.02.

The offer is due to expire on September 30. ($1=1.091 Australian Dollar) (Reporting by Sonali Paul; Editing by Ed Davies)