UK retail REIT Intu Properties announced underlying earnings per share rose 10% in the first six months of 2016, driven by 7.5% growth in net rental income on a like-for-like basis.

The company has raised its guidance for full year like-for-like net rental income growth to 3-4%.

Intu signed 98 long-term leases in H1 including 82 in the UK for £17 mln new annual rent, boosting occupancy levels to 96.1% from 95.1% a year ago. The average increase was 7% above previous passing rent, but in Spain the company signed 16 new leases at 16% above previous passing rent.

The company's Spanish strategy is to create a business of national scale through acquisitions and development projects. The market value of its Spanish centres rose during the period with Intu Asturias up 8% and Puerto Venecia up 4%.

'With over £500 mln of cash and available facilities, we are well positioned to take opportunities when they arise, such as the acquisition in the period of the other half of Intu Merry Hill which adds to the considerable momentum from our active asset management and development projects, both in the UK and Spain,' CEO David Fischel said.