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A short metro ride away, Matadero was the city of Madrid's slaughterhouse (you read that right) up until about the 1920's, when it was slowly renovated to include restaurants and public spaces. Several festivals/markets take place here monthly.
A previous slaughterhouse now hosts often changing activities such as concerts, markets, expositions, a cinema and bar/restaurant.
The old slaughterhouse has been converted into an exposition center. Located along the river Manzanares: it offers many free expositions and activities.