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BUZZ-Big Yellow: At 7-month high after div hike, better profits

Reuters - UK Focus

** Big Yellow Group Plc's shares rise as much as 3.5 pct, after self-storage space provider posts a better-than-expected rise in H1 profit and says it will buyout Pramerica from their Big Yellow Partnership.

** Big Yellow (LSE: BYG.L - news) says H1 adjusted pretax profit rose 29 pct to 18.4 mln stg ($28.7 mln), bumps up its interim dividend to 10.4 pence from 8 pence a year earlier.

** Shares (Frankfurt: DI6.F - news) hit an over 7-month high & were best performers among UK mid-caps.

** To fund the 66.7 pct stake purchase of Pramerica's JV stake, Big Yellow says it will place about 14.35 mln new shares of 10 pence each.

** Liberum's team of real estate analysts say the placing is "strategically sensible" and not expected to create a profit drag, adding that results came in ahead of their estimates. (1 US dollar = 0.6411 British pound) (RM (LSE: RM.L - news) : esha.vaish.thomsonreuters.com@reuters.net)