"Many conceptional aspects of the Public Real Estate Management can be adapted from the Investment Real Estate Management. The crucial differences lie in the non-profit function and the constitutionally fixed tasks of the public hand. The proposed valuation method for Public Real Estate Management is based on Andreas Loepfes ìBest-Owner principleì which ties the value of a direct real estate investment unlike the usual ìmarket valueî, ñ seen as a business unit ñ to its owner. In this model the decision whether to sell or add an asset to a portfolio depends on the ownerís ability to extract additional value from this specific property. In the case of the public hand the analysis of creating value with a property is complex, since economic and non-profit values have to be considered. The idea of the material and/or economic creation of value from the Investment Real Estate management are extended for the Public Real Estate Management by an immaterial dimension. Within the material and immaterial creation of value, different aspects such as size, balanced population structure, etc. have to be measured and visualized for each property. Is the municipality the ""Best Owner"" or only ""one of many""? The combination of ""value-creation""- and ""Best-Owner""-aspect results in a framework which provides an overview of a portfolio with an appropriate action strategy such as ""hold"", ""sell"" etc."