Public school buildings represent one of the largest components of municipal real estate portfolios in Italy, yet their management remains predominantly reactive. This thesis develops a dynamic asset management model for the public school building portfolio of the Comune di Torino, applied to a sample of 20 buildings in the north-western district. The core of the model is the Effective Cost per Student (Ces), a composite indicator integrating five annual operating cost components — utilities, ordinary and minor maintenance, facility services, and personnel costs normalised by real student enrolment and multiplied by a Maintenance Status Index (MSI) derived from the Comune di Torino's official building inspection framework.