Cuscaden Peak Investments—backed by Singapore state-linked investor Temasek Holdings—is seeking to take Paragon REIT private in a deal valuing the shopping mall operator at $2.1 billion.

Armani Outlet, Jos. A. Bank and Ann Taylor Factory store will be among the more than 100 outlet stores to open at Twin Cities Premium Outlets in less than a month.

The agreement calls for Paragon to build an outlet mall with a minimum area of 250,000 gross leasable square feet, though the city’s announcement says phase I of the project will include more ...