In recent years adaptive reuse has proven to be a promising strategy for preserving cultural heritage. When the adaptive reuse approach is used for cultural heritage, the expected outcome is not only the building protection, but the preservation of its historical and heritage significance, and the trade-off between the retention of symbolic values and the adaptation to new alternative (economically profitable) uses becomes of paramount importance. Decisions on the allocation of resources for cultural heritage preservation or development are based on a set of multiple, often conflicting, criteria, as well on the preferences of various, and not always consensual, stakeholders, who attribute different relative importance to market and non-market effects of adaptive reuse proposals. In this context, multiple criteria approaches provide a proper theoretical and methodological framework to address the complexity which characterizes adaptive reuse strategies of cultural heritage. This paper aims to contribute to this strand of literature by proposing a multicriteria decision aiding approach for ranking adaptive reuse strategies of cultural heritage. In detail, we present a novel application of the Preference Ranking Organization Method for Enrichment of Evaluations (PROMETHEE) to support the design and implementation of adaptive reuse strategies of abandoned industrial heritage in vulnerable contexts, and evaluate relative tangible and intangible effects. Industrial sites are frequently left to deteriorate, as their preservation is not considered as important as other kinds of heritage structures. Nevertheless, they are characterized by special architectural and technical features as well as by huge spaces suitable to be redeveloped for new uses. The paper focuses on the potential reuse of nine different abandoned buildings located in an industrial valley in the North-West of Italy, with a strong presence of wool and silk factories starting from the 18th century.