This monastery was built outside the walls in the suburb of Ajates in the 13th century. In the 15th century, the Dávila family built a new larger chapel and, at the end of said century, the Bishop of Plasencia, Rodrigo Dávila Valderrábano, built an octagonal chapel next to the upper end. The interior is very similar to the church of Santo Tomás, with a star-shaped vault that is one of the most lavish in the town and possibly made by Juan Guas.
The work in the monastery continued throughout the 16th century. The monastery was left in ruins by the French invasion, during which it was used as a military barracks. After the sale of church lands ordered by Mendizábal, its most valuable works were removed ready for sale.
The monastery has been restored and turned into a municipal auditorium, which is used for a good number of cultural events.