This is one of the oldest in Biscay. Its construction began in 1357 by order of Count Tello and his wife Juana de Lara, but the work was not completed until the late 16th century. The complex comprises the church, the cloister and a completely transformed part of the convent, but it is the cloister that is the most important element. It opens up onto the central courtyard through depressed arches supported by pillars decorated with three small columns. The four corners have a segmental arch held by corbels decorated with figure motifs: friars praying, singing or deliberating.
Curiously, there was a time when the cloister was the site of Bermeo market.