Virgata posted the formal offer document yesterday for its 50p per share bid, with Walls now having 14 days to publish its response.
A statement from the REIT said: “The Board believes that the Offer is opportunistic and substantially undervalues the Company, and that Walls & Futures shareholders should not accept the Offer.”
Shareholders should take no action until the response document has published, it added.
Last month, Walls published an updated NAV of 102p as of end-March 2021.
The trust added it had also collected 100% of rents during the past year despite the impact of Covid-19 and had also paid off its £600,000 revolving credit facility