Shares in retirement village operator Summerset will begin trading on Tuesday – Melbourne Cup day – after its initial public offer closed fully subscribed, raising $123.6 million.

The retirement village operator is forecasting pro forma net operating cashflows of $51.9 million and total investment properties of $632.6 million for the financial year ending 31 December 2012.

Retirement village and rest home operator Ryman Healthcare has announced a realised profit of $61 million for the year, up 16% on last year and a new record for the company.

The reported profit also increased, up 19% to $78 million thanks to unrealised valuation gains.

Operating cashflows were up 31% to $149 million for the year, which allowed the company to reinvest $120 million in new facilities without increasing debt.

Kiwi minority shareholders have acquired all the shareholding interest in rest home and hospital provider Radius Residential Care from Kuwait Finance House.

The company is New Zealand’s fourth largest rest home operator (as opposed to retirement village operators and developers). Radius Residential Care has 21 aged residential rest homes and hospitals around the country and one retirement village in Hamilton. The company employs approximately 1200 staff and has total revenues of more than $60 million a year.

Private equity has taken a near 50% stake in retirement home operator Summerset, 18 months after AMP Capital ditched plans for a $300 million sharemarket float of the business.

NBR is told that Australian firm Quadrant Private Equity has formed a joint venture company with AMP Capital and taken a 49.9% shareholding in Summerset.

AMP Capital spokeswoman Sue Ryan this afternoon confirmed the deal, which is subject to Overseas Investment Office approval.